The slow-motion breakup of Queensryche is finally complete, with both sides issuing a new statement hailing an "amicable settlement."

Queensryche memorably split into two after the surprising ouster of longtime frontman Geoff Tate in 2012. A pair of albums -- both credited to Queensryche -- appeared last year, along with competing lawsuits. However, founding guitarist Michael Wilton indicated last week that the two warring factions were about to call a truce.

Long-time members Eddie Jackson, Scott Rockenfield and Wilton have been granted rights to the Queensryche name. Meanwhile, Tate is going forward as 'the Voice of Queensryche.' He has been granted exclusive full-album performance rights to Queensryche's 'Operation: Mindcrime' projects, similar to the agreement between Pink Floyd and Roger Waters with 'The Wall.'

Jackson, Rockenfield and Wilton, along with recent members Todd La Torre and Parker Lundgren, "will now be the sole entity recording and touring as Queensryche, performing selections from their entire musical catalog that spans over 30 years of material," according to the jointly issued release. Wilton has confirmed that Queensryche is already at work on a follow up to 2013's La Torre-fronted eponymous project.

"Both sides wish each other well and are excited about what the future holds," the release concludes. "We want to thank the fans for standing beside us through this ordeal and look forward to sharing our music with you for years to come."

Tate separately announced one final show as Queensryche starring Geoff Tate, to be held August 9 at the Downtown Amphitheater in Morgan Hill, California.